Paramount diamond drilling extends mineralization at Gunung Rosa
Thursday, March 20 2014 - 04:58 AM WIB
ASX-listed Paramount Mining Corporation Limited released on Thursday results from eight diamond drill holes completed from its second stage resource definition drilling at its high grade gold-silver-base metals mine at Gunung Rosa, in West Java Province.
These holes have intersected and highlighted mineralization to the north of known limits at Cap Palu as well as continuity of mineralization to depth beneath the lower limits of historic mining, the company said in a statement.
?The results of the program will increase the confidence in the Mineral Resource estimates in the shallower parts of the ore body available for early mining and add inferred resources at depth,? it said.
The company said that a further diamond drilling program, which will be completed over the second half of 2014, is designed to assess the extent of shallow mineralization remaining above the 900m RL in areas that have been the focus of previous mining and development in the Cap Palu section of the Gunung Rosa vein, and collect geotechnical data to establish a mine development model.
It is also designed to drill untested extensions of the vein system along strike into the North Cap Palu area as well as to drill additional holes between 900m RL and 700m RL on existing sections beneath the Cap Palu workings and southward along the 900 m vein system to Cibitung.
?Underground mapping and sampling of the historic workings will be carried out following mine dewatering planned for mid-2014 to assess mineralization above the 900m RL,? the company said.
Chairman of the company, Mo Munshi, said: ?We have already intersected the reef as expected in holes 18 to 25. We now believe that the mineralized zones are persisting at similar width along strike and to depth in the northern section of the vein in an area that lacked previous drill testing. If this model is confirmed further to the north this will give us considerable scope to add significant ounces to our resource.?
A revised JORC 2012 compliant Mineral Resource estimate utilizing only Paramount drilling is anticipated by third quarter of 2014.
Editing by Reiner Simanjuntak